S&P ups Axiata

Standard & Poor's said it raised the long-term corporate credit rating of Axiata Group Bhd. to BBB+ from BBB, along with the ASEAN scale rating to axA+ from axA and the issue rating on the $300 million senior notes issued by Axiata SPV 1 (Labuan) Ltd. to BBB from BBB-. These notes are unconditionally and irrevocably guaranteed by Axiata.

The outlook is stable.

The upgrade reflects the improvement in the company's cash flow protection measures and financial metrics, S&P said.

The solid performances of its core subsidiaries, particularly PT XL Axiata Tbk., in 2010 underpin the improvement, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.